JOANN Files Chapter 11 Bankruptcy (IT'S OFFICIAL!)
*BREAKING NEWS! 🚨 JOANN has initiated Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware*
- Expedited process expected to be complete as early as late April
- Following this process, JOANN is expected to become a private company owned by some lenders and industry parties (no longer publicly traded)
- JOANN has secured commitments for about $132 million in new financing and related financial accommodations
- Expected to reduce funded debt by $505 million
- Store and online operation will remain normal during the restructuring process under current leadership team
Read more here:
https://www.joannforward.com/
https://cases.ra.kroll.com/Joann/
https://investors.joann.com/news-releases/news-release-details/joann-enters-agreement-reduce-debt-and-receive-132-million-new/
https://finance.yahoo.com/news/joann-enters-agreement-reduce-debt-043700511.html
https://www.fastcompany.com/91062616/joann-fabrics-stores-closing-bankruptcy-stock-delist
https://news.bloomberglaw.com/bankruptcy-law/joann-sees-chapter-11-bankruptcy-complete-as-early-as-late-april
https://www.streetinsider.com/Corporate+News/JOANN+Inc+%28JOAN%29+Enters+Agreement+to+Reduce+Debt+and+Receive+%24132+Mln+in+New+Capital/22941166.html
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